Venezuela Boosts Oil Shipments To U.S. And India While Caribbean Storage Declines Sharply

Exports To The United States

The U.S. was the largest destination, receiving about 558,000 BPD in May, up from April. This reflects growing reliance on Venezuelan heavy crude as sanctions have been eased and refiners seek diversified supplies. 

Exports To India

India imported 427,000 BPD in May, making Venezuela its third-largest crude supplier, behind Russia and the UAE. This was a sharp rise from 283,000 BPD in April, as Indian refiners like Reliance Industries increased purchases of Venezuela’s cost-effective heavy crude. 

Decline In Caribbean Storage

Exports to Caribbean terminals for storage fell to 58,000 BPD, down from 187,000 BPD in April. Analysts suggest this indicates refiners are directly absorbing Venezuelan crude instead of relying on storage hubs. 

Overall Export Growth

Total exports of 1.25 million BPD in May were 0.7% higher than April and 61% above May 2025 levels. A total of 67 cargoes were shipped, with Europe also receiving 169,000 BPD. Traders like Vitol and Trafigura expanded shipments, while Chevron’s exports fell slightly. 

Energy Market Highlights

• Venezuela’s total exports rose to 1.25 million BPD in May
• U.S. imports increased to 558,000 BPD
• India imports climbed to 427,000 BPD, making Venezuela its third-largest supplier
• Caribbean storage exports dropped to 58,000 BPD
• 67 cargoes shipped globally, with Europe receiving 169,000 BPD

Sources: Reuters, U.S. News, Firstpost, Economic Times